TruGolf Holdings: Executive Resigns; Separation & Loan Repayment Terms

What Happened

TruGolf Holdings, Inc. announced that Christopher Jones voluntarily resigned from all employment, officer, director and committee positions effective September 22, 2026, and the company entered a Separation and Settlement Agreement that same day. Under the agreement the company will pay Mr. Jones a $100,000 severance (less taxes) and cover his monthly COBRA premiums for up to 12 months. The company also restructured repayment of a demand loan from Mr. Jones (principal $1,444,000) and agreed to repurchase certain franchise rights for $500,000.

Key Details

• Separation Agreement effective September 22, 2026; severance $100,000 payable in a single lump sum on or before the 30th calendar day after the Effective Date.
• Demand loan principal $1,444,000: 10% due on the Initial Payment Date, remaining 90% due 12 months after that date (Maturity Date); deferred balance accrues simple interest at 12% per annum, interest paid monthly.
• Franchise repurchase (Buyback Price) $500,000: 10% due on the Initial Payment Date, 90% due on the Maturity Date; deferred portion accrues 12% simple interest and accelerates if the company resells the franchise rights before maturity.
• Additional provisions: company pays COBRA premiums up to 12 months; Mr. Jones will vote his Class B shares in line with the board’s recommendations for one year; he agreed to be available as an independent contractor at $100/hour; the agreement includes mutual releases with carve-outs.

Why It Matters

This filing documents a material executive departure and a negotiated exit package that changes prior on‑demand loan terms into a time‑scheduled repayment with interest and adds a $500,000 franchise repurchase obligation. These obligations (principal repayments, interest, severance and potential COBRA costs) could affect near‑term cash needs and the company’s balance sheet. Separately, the one‑year voting alignment of Mr. Jones’ Class B shares reduces immediate governance uncertainty. Investors should note the related prior Series A reset disclosure: as of September 21, 2026 about $1.76 million of Series A stated value remained outstanding and the company had 12,065,115 Class A shares outstanding.